<SEC-DOCUMENT>0000940400-25-012303.txt : 20251215
<SEC-HEADER>0000940400-25-012303.hdr.sgml : 20251215
<ACCEPTANCE-DATETIME>20251215061904
ACCESSION NUMBER:		0000940400-25-012303
CONFORMED SUBMISSION TYPE:	N-CEN
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20250930
FILED AS OF DATE:		20251215
DATE AS OF CHANGE:		20251215
EFFECTIVENESS DATE:		20251215

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCROFT FUND LTD
		CENTRAL INDEX KEY:			0000009521
		ORGANIZATION NAME:           	
		EIN:				042476994
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		N-CEN
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-02151
		FILM NUMBER:		251569929

	BUSINESS ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960
		BUSINESS PHONE:		(973) 631-1177

	MAIL ADDRESS:	
		STREET 1:		65 MADISON AVENUE
		STREET 2:		SUITE 550
		CITY:			MORRISTOWN
		STATE:			NJ
		ZIP:			07960

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANCROFT CONVERTIBLE FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<DOCUMENT>
<TYPE>INTERNAL CONTROL RPT
<SEQUENCE>2
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<TEXT>
<!-- DFIN ActiveDisclosure (SM) HTML Document - http://www.dfinsolutions.com/ --><!-- Creation Date :2025-12-09T11:34:42.2721+00:00 --><!-- Copyright (c) 2025 Donnelley Financial Solutions, Inc. All Rights Reserved. -->
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  <title>EX-99.6</title>
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 <body style="padding:8px;margin:auto!important;z-index:0;-webkit-text-size-adjust:100%;position:relative;">
  <div style="padding-top:1in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:center;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">To the Shareholders and Board of Trustees</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Bancroft Fund Ltd.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Rye, NY</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">In planning and performing our audit of ADVANCE \r0the financial statements of the Bancroft Fund Ltd. (the &#x201c;Fund&#x201d;) as of and for the period ended September 30, 2025, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#x2019;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with</font><font style="color:#000000;white-space:pre-wrap;font-size:14pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">the</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">requirements</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">of</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Form</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">N-CEN,</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">but</font><font style="color:#000000;white-space:pre-wrap;font-size:16pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;"> </font><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">not for the purpose of expressing an opinion on the effectiveness of the Fund&#x2019;s internal control over financial reporting. Accordingly, we express no such opinion.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting.   In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls.   A company&#x2019;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.   A company&#x2019;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company&#x2019;s assets that could have a material effect on the financial statements.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements.   Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis.   A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company&#x2019;s annual or interim financial statements will not be prevented or detected on a timely basis.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
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  <div style="padding-top:1in;z-index:2;min-height:1in;position:relative;box-sizing:border-box;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;margin-left:0;margin-right:0;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p></div>
  <div class="main-content-container" style="z-index:5;position:relative;"><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Shareholders and Board of Trustees</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Bancroft Fund Ltd.</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Page Two</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><font style="white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">&#160;</font></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><font style="color:#000000;white-space:pre-wrap;font-size:11pt;font-family:Times New Roman;font-kerning:none;min-width:fit-content;">Our consideration of the Fund&#x2019;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States).   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